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Rescue plan for CW2W Music - "not a take over "

Managing Director of  the Jamaica Stock Exchange, Marlene Street Forrest, says the rescue plan being undertaken by listed company C2W Music should not be considered a takeover.  

C2W's Board has called an extraordinary general meeting for June 27 to discuss the rescue operation that will be implemented by Stocks and Securities Limited.

C2W's recently released audited financial statements showed it had a large debt burden.

C2W, which is a music publishing company, is listed on the junior market of  the Jamaica Stock Exchange.

In 2017 C2W made a loss of  more than US$300,000  and had a deficit of US$1.5 million . 

Its current liabilities exceed assets by more than US$200,000.

 

Its auditors say from inception, the company has not achieved the level of  revenues projected and required to sustain its operations.

 

                                                                                                      

Meanwhile, Mrs. Street Forrest says C2W Music has received waivers from regulatory bodies which allow it take certain actions to restore viability.



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